Uber REX Oscillator [UTS]

The Rex Oscillator measures market behavior based on the relationship of the close to the open, high and low values of the same bar. A big difference between the high and close on a bar indicates weakness, and wide disparity between the low and close indicates strength. The difference between open and close also indicates market performance.
When the Rex Oscillator turns positive in a bearish trend , a reversal is indicated. Likewise, Rex turning negative in a bull market indicates a reversal to the downside.

General Usage

The Rex Oscillator is mostly used as a Reversal and Exit indicator.
Signals are created when Rex is crossing the Signal line. They that can be used to EXIT or LONG/SHORT a trade.
It is worth investing the time and fine-tune the settings: e.g. SuperSmoothed 16 and HMA 40 provides decent results.